Wio Bank Unveils UAE’s First Shared Banking Experience with Wio Family

Editorial Team

Last updated 24-11-2025

3 min

Wio Bank introduces Wio Family, the UAE's first shared banking system, for household finances.

Families can manage one account, inviting kids and relatives for easier money oversight.

Features include Pockets for kids, encouraging financial responsibility with virtual cards and spending limits.

The service includes attractive savings rates and cashback perks, enhancing collaborative money management.

Wio aims to expand with more features, adapting to evolving digital banking needs.

Wio Bank has rolled out a new offering called Wio Family, describing it as the UAE’s first fully shared banking experience for households. It arrives at an interesting moment, just as the country prepares for its upcoming “Year of Family”, and taps into something many of us already know from daily life: money rarely sits with one person alone. It moves around the home, shaped by whoever shares the space. I’ve seen this often when chatting with founders at Arageek events — more than a few admitted that their first investor was, well… a family member who kept an eye on every dirham.

The idea behind Wio Family is fairly straightforward. Families — in all their shapes, whether partners, siblings, parents, or even trusted relatives — can operate under one shared bank account. Two adults, called Family Leads, keep equal control and can invite others to join, including kids, teenagers, or even household helpers. It’s meant to be simple, transparent, and, frankly, a lot less of a faff than juggling multiple accounts or money apps.

One feature that stood out to me is the so‑called Pockets, designed for children aged 8 to 17. They act like small, supervised money spaces where young users can learn to spend responsibly and save towards goals. Each child gets a virtual card and spending limits. As someone who learned money the hard way — I once blew my savings on tech I didn’t need — I reckon tools like this could be spot on for teaching financial habits early.

Jayesh Patel, the bank’s CEO, said the product was built to give families “clarity, flexibility, and control over their finances”, adding that money should be treated as something “shared – something social”. Amina Taher, the CMO, echoed that most people are really saving for collective dreams, from a new home to a wedding. Their comments make sense; on the flip side, collaborative money management can be tricky, so anything that reduces friction is welcome.

The new service also offers Family Fixed Saving Spaces with interest rates of up to 6% per year if salary transfers are in place — one of the highest rates across Wio’s products. Families who maintain a total balance of AED 35,000 or more can access all Family and Personal benefits for free; otherwise, there’s a monthly fee of AED 49. Cashback perks go fairly high too, reaching up to AED 7,500 across the household, with 1% on Family debit card spending and up to 2% on personal spends.

Wio says this is just the beginning of what it calls the Wio Family movement, promising more features over time to make shared budgeting smoother and, believe it or not, a bit more enjoyable. The experience is already live within Wio Personal, with extra updates expected soon.

It’s interesting to watch digital banks in the region evolve so quickly. Modern households are changing fast — sometimes faster than fintech can keep up — and solutions like this feel timely. I’m not a fan of every digital banking trend out there, but this one definately sounds like it might make life easier for a lot of families trying to stay on the same financial page.

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